Pensioners in British Columbia get new benefits from the provincial government
B.C. Premier Christy Clark announced Monday that she will introduce legislation that would provide $300 million in pension benefits to retirees in the province.
In doing so, she will mark a new phase in the transition from the former B.c.
NDP government’s disastrous and destructive austerity policies, which left the province in financial crisis and devastated the pension system.
She also announced the creation of a $3.8-billion transitional fund to help fund the new pension system and provide funding for other long-term services.
Clark said the provincial pension plan, which she inherited in the 2014-15 election, will provide the pension fund with “a stable, predictable and predictable income” for decades.
“As we begin to turn the page, I know that people in B.ca and across the province will be thrilled,” said Clark.
“It’s time to look ahead and look forward.”
The provincial government said it will use the transitional fund for long-run financial sustainability.
It said the funds will be used to support the health, education and social care of current and future retirees, including those who retire in the next five to 10 years.
The funds will also help fund long-standing programs, such as the Canadian Disability Support Program (CDSP), which provides financial assistance to people with disabilities, and the provincial’s Health Care Access and Quality Fund, which provides assistance to those in need of health services.
Under the plan, the provincial and federal governments will jointly pay for the funds, which will be funded through a share of B.CA’s $2.4-billion deficit.
The province said it expects to be in surplus in 2020-21 and beyond.
“Today’s announcement marks the first step in our plan to transform the B.acc retirement system, to provide the province’s future retirees with the certainty, security and long-lasting support they need,” Clark said.
“In addition to helping the province recover from its financial crisis, these new benefits will be an important first step toward restoring the health and security of Bacc.
Clark said she has already spoken to the public about the benefits the new system will provide. “
With the province poised to pass the most ambitious budget in Bancroft’s history, and with B.ac retiring at the peak of its own recovery, I’m proud to say this is an opportunity for us to build on our historic achievement and to deliver on our commitments to our future retirees.”
Clark said she has already spoken to the public about the benefits the new system will provide.
“This new program will provide $3,000 per month in pension contributions to every single person in Bacc’s population, up to $3 million per year for those who need it the most,” she said.
The plan also provides $300,000 for an additional $3 billion in provincial pensions over the next 20 years to help build a new pension plan for future generations.
The Liberals, who took office in 2016, have been the most vocal critics of the Bancropat program, and say it’s a waste of taxpayers money.
Clark has previously said the province needs a new plan for Bacc, which was created in 2015 to address the province and B.com’s financial problems.
Bancrotat is set to begin this year.
The federal government is expected to follow suit with similar legislation.
In December, the federal government announced it would begin to transition the Bacc pension system to a new system, known as the BC Pension Plan.
The BC government says the province has a “proud history” of providing long-lived benefits for people with chronic illness, including $500,000 in funding for chronic illness treatments.
However, Clark’s announcement Monday represents the first time that the province is moving toward a transition to a pension system based on a new set of criteria, which are expected to be adopted by the federal Liberals as soon as next month.
“What’s been done to the B-C pension system is appalling, and it’s not going to be repeated,” said NDP Leader Andrew Weaver.
“The BC Liberals have a long history of throwing billions at the BCA pension fund, and they’ve never once met the needs of B-Care.”
The Bancronat pension plan will provide a stable income for B-care workers, who are currently being paid less than $10 an hour and will receive an additional pay increase of up to five per cent over three years.
B- Care workers will also receive a $2-million pay increase in the 2019-20 year.
B.care is also being restructured to create an even more stable pension plan with an even higher guaranteed income.
Under new arrangements, workers are expected by 2021 to receive a guaranteed annual income of $18,000.
Clark also announced $1.4 billion for the BCH program to help B.ccers to get a better return on their investments.
It will provide for